Conditions Precedent to Obligations of Purchaser and Sellers. (a) The obligations of Purchaser and Sellers hereunder to close upon the purchase of the Interests are subject to and contingent upon obtaining the consent of USDA for the transactions contemplated by this Contract, including the continuation of the current mortgage under its current terms and conditions and the continuation of the Rental Assistance Agreement (the "RA Agreement"), by and between the Partnership and the United States of America, acting through the Rural Housing Service (collectively, the “Closing Contingency”) having been met or satisfied to the satisfaction of Purchaser and Sellers. The satisfaction of the Closing Contingency shall be the sole responsibility and at the sole cost of Purchaser, with the cooperation of, and at no cost, expense or liability to, Sellers. In the event that such condition has not been satisfied on or before the expiration of the Feasibility Period, then Purchaser may either terminate this Contract, or waive such Closing Contingency, in which event the Deposit shall be nonrefundable thereafter for any reason other than a default by Sellers. If the consent of USDA is not obtained by the Closing Date, then either Purchaser or Sellers may terminate this Contract by giving written notice to the other, and thereafter neither party shall have any further obligation hereunder (except those which by their terms survive the termination of this Contract and Sellers shall retain the Deposit.
Appears in 5 contracts
Samples: Contract for Purchase and Sale of Partnership Interests (National Tax Credit Investors Ii), Contract for Purchase and Sale of Partnership Interests (National Tax Credit Partners L P), Contract for Purchase and Sale of Partnership Interests (National Tax Credit Investors Ii)
